The 4th Edition of the Cheaponana guide to the best rebates credit card has 2 new additions compared to Version 3 as we have included ANZ Optimum card and UOB Visa Signature – both of which are pretty generous with 5% rebates in specific categories. Over the past 1 year, there have been massive changes to the rebate structures for a few cards including the CIMB Platinum & Visa Signature, Citibank Dividend and OCBC Frank Card.
Here’s a quick rundown of the cards according to the issuing banks:
AMEX True Cashback card has scaled back on the 5% rebate for the initial spending of $5000, giving only 3% rebate. Otherwise, the 1.5% rebate is quite fuss-free and ideal for the assorted categories (i.e. non dining, petrol, groceries etc).
ANZ released the Optimum card last year, which offers 5% cash rebate in one of the 4 categories – dining & entertainment, travel, shopping & groceries. The plus points include no minimum spend or cap on rebate, but there is a maximum of $30 Optimum$ rebate per transaction (i.e. $600). Do take note that you get $0.5 Optimum$ per $10 spent, and the total sum of Optimum$ at the end of the statement month is rounded down to $1 Optimum$, so you will never get the absolute 5% rebate.
Bank of China
T&C remains status quo.
There have been massive changes in the CIMB credit cards over the year as the CIMB Visa Signature and Platinum MasterCard have been revamped to provide 10% rebate on Wine & Dine & online spending in foreign currencies for the former and Travel, Health, Beauty & Wellness for the latter. However, it is not easy to qualify since there is a need for 8 transactions per month, each requiring $30 or more, and a cap of $60/month. Morever, the base rate has been cut to 0.2% which is pathetic. One good thing is the waiver of the 1.4% admin charge for foreign transactions, which may help you save more if you can achieve the above mentioned.
Citibank has increased the minimum spend of the Dividend card to $888 to qualify for any bonus rebates, which is 8% in the categories of dining, groceries or petrol. This is definitely a good deal for homemakers and those who spend consistently in these 3 categories, and now there is no expiry for the DIV$! However, the base rate has been halved from 0.5% to 0.25%.
DBS Live Fresh Visa Card has been added as it provides 6% cashback on all online purchases but this is expected to end 29/2/16. For now, this is one of the better rebate deal for online transactions apart from Stanchart Singpost card. (OCBC Frank card has already fallen out of favour if you are not aware)
HSBC Visa Platinum and Premier Master has added another category for the bill payments for Telcos – 5% rebate if you meet the criteria. Not the best rebate card since there is a minimum spending required per month before getting the rebate at the end of the quarter.
Things have been status quo for the past year.
OCBC Frank card has definitely fallen out of favour since they have cut the base rate to 0.3%, and requires an offline spending of $400/month excluding Nets Flashpay ATU in order to qualify for the 6% rebates for online purchases. Of course, one may argue the 3-5% rebate for the new entertainment category can help boost spending to qualify for that.
Stanchart Singpost has cut the base rate to 0.2%, and has increased the minimum spending to $600/month with a cap of $60 of rebates a month.
POSB Everyday Card has occasional promotions e.g. bonus rebates for dining, but these promotions have been discontinued at the moment.
UOB Visa Signature has been added to the list as it generates 5% rebate for overseas, online, petrol and Visa paywave provided you can hit the minimum requirement of $1000 a month and cap at $2000.
UOB’s Delight has cut their base rate as well to 0.3%, and the maximum rebate also cut from 10% to 8%.
UOB One Card has increased the minimum spend to $500 per month for 3 consecutive months in a quarter to qualify for a $50 rebate (3.33%). For those who spend $2000 a month, then the reward of 5% rebate is yours.
After reading this lengthy article, you will realise there is no one best card that fits all, and every individual will have a different lifestyle that may make a particular card work more to his or her advantage.
What’s your favourite rebate card? Comment and let us know!